1. What is a ChFC?
ChFC stands for Chartered Financial Consultant, which is a designation obtained from the American College in Bryn Mawr, PA. To learn more about this designation, and how it compares to others, go to the National Association of Personal Financial Advisors website brochure section. Once there, select the brochure titled "Working With A Financial Advisor" to find a section dealing with different designations to help you understand the difference.
2. What is Financial Management Consultants of Virginia, Registered Investment Advisors?
Financial Management Consultants of Virginia is a personal tax and financial planning firm registered with the Virginia Division of Securities as a Registered Investment Advisor. William A. Edwards, Jr. is a Registered Investment Advisor Representative of FMC of Virginia who works with clients on a contract basis.
3.

What is a Registered Investment Advisor Representative?
A Registered Investment Advisor Representative is employed by or associated with a Registered Investment Advisor. A Representative would be any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities to others for compensation.

Any person or entity that holds itself out as a financial planner, and performs any of the duties described above, must be registered with a firm who is a Registered Investment Advisor with their state or the Securities Exchange Commission.
4. What does FMC of Virginia sell?
We sell financial advice regarding taxes, investments, insurance, pensions, retirement, college, estate planning and general financial matters. We also offer tax preparation and audit representation.
5. Whom do we serve?
We serve individuals who desire to keep and utilize more of their income.
6. Who can benefit from our services?
Anyone who has financial, tax, investment, or estate planning problems, or who wishes to plan prudently for his or her financial future can benefit. Furthermore, persons who desire a higher, more sophisticated level of financial planning services may find our program appealing and helpful.
7. How much money do you need to start a financial program?
There is no minimum or maximum dollar requirement. We recognize that persons with little or no assets as well as those with larger portfolios have financial planning needs.
8. What is a financial plan?
A financial plan is an in-depth review of your financial situation, taking into account your goals and objectives and focusing on income tax planning, asset management, estate planning, risk management, educational planning and retirement. The plan analyzes and recommends ways that you can achieve your financial goals and objectives.
9. How much do we charge for planning services?
Our financial planning fees are determined by the project needed. We generally work on an annual retainer basis with the fee determined by your income, assets and the complexity of the work. This "Standard Open Retainer" fee ranges from $1,500 to $15,000. We also offer a "Financial Physical" retainer that costs $395 for 2 hours of consulting in any area the client chooses.
10. Do we offer money management?
Yes, assets may be managed under a limited power of attorney with the client retaining custody of all funds.
11. Is the fee tax deductible?
Yes. Section 212 of the Internal Revenue Code permits an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A. This deduction is now subject to a 2% floor of adjusted gross income. If the client has a business, the deduction would be taken on Schedule C.
12. Do we sell financial planning products, such as investments, insurance or tax shelters?
No. We are fee-only planners. Products must be purchased by clients from other sources. We will suggest investments you can make without paying commissions. We are listed advisors with Waterhouse Institutional Services, Inc, a discount brokerage. You may choose to setup accounts through Waterhouse or any other brokerage firm of your choice.
13. When we develop a financial planning program together, are you obligated to purchase the recommended products?
Often, the products that we recommend to our clients are the same products we purchase for ourselves, but you are never obligated to purchase any recommended product. In fact, you are encouraged to shop for the best available product.
14. Do we only provide complete programs?
No. Although a complete program is most likely beneficial, we can limit our advisory services to your specific needs, such as tax analysis, or estate planning.
15. Do we offer a tax service?
Yes. We believe income taxes are the central focal point of most financial programs. Therefore, we offer an income tax preparation service. Income tax preparation, as well as audit representation, is included under our Standard Open Retainer agreement.
16. Do we provide legal services?
Included with the retainer is a simple will that is prepared by a local attorney who is not associated with the firm.
17. Do we guarantee investment performance?
No.
18. Will client information be kept confidential?
Yes. It is the law.
19. Once a plan is completed, does our relationship end?
It should not. Financial planning is a process, not an event. We provide an annual, semi-annual or quarterly analysis of your net worth to assess diversification and review investments. Some retainers include quarterly investment reports. Tax preparation and planning are done on a regular basis. We are also available as needed for financial advice upon your request.
20. How do you get started?
Contact us by completing the page found under the "Request a Consultation" link and we will contact you to discuss how we can best serve you. There is no charge for your initial consultation.